MIRA INFORM REPORT

Report Date :

08.07.2014

IDENTIFICATION DETAILS

Name :	NEW HORIZONS LIMITED
Registered Office :	41, Shakespeare Sarani, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.05.1976
Com. Reg. No.:	21 – 030529
Capital Investment / Paid-up Capital :	Rs. 45.648 Millions
CIN No.: [Company Identification No.]	U28113WB1976PLC030529
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter and Dealers of Product and Goods Made of All Kinds of Leather, Hides, Skin, Rubber, Canvas, Resins, Carbon Black, Plastics, Latexes And Any Other Items And Formulations.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating is constrained on account of high working capital intensity operation. However, overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limit –Packing Credit = BB+
Rating Explanation	Inadequate Credit Quality & High Credit Risk
Date	March, 2014

Rating Agency Name	ICRA
Rating	Fund based limit = EBD / EBP / EBN =A4+
Rating Explanation	Minimal degree of safety & very high credit risk
Date	March, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Chandan
Designation :	Accounts Manager
Contact No.:	91-33- 22877679
Date :	04.07.2014

LOCATIONS

Registered Office / Head Office/ Factory :	41, Shakespeare Sarani, Kolkata – 700017, West Bengal, India
Tel. No.:	+ 91 33 2287 7679
Fax No.:	+ 91 33 2287 3134
E-Mail :	info@newhorizonsltd.in
Website :	www.newhorizonsltd.in
Liaison Office :	2905, Darnley Place,  Vienna, Va 22181  USA
Tel. No.:	+1 571 241 4527
Fax No.:	+1 703 991 6254
E-Mail :	msaraf@nhltd.com
Website :	www.newhorizonsltd.in

DIRECTORS

As on: 30.09.2013

Name :

Mr. Gopal Kumar Naredi

Designation :

Managing Director

Address :

P -33, CIT Road Scheme VIM, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

12.12.1964

Qualification ;

B. Com

Date of Appointment :

01.04.2013

DIN No.:

00565352

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1996PTC081376	GENTEX MARKETING PRIVATE LIMITED	Director	15/05/1997	15/05/1997	-	Active	NO
2	U19116WB1998PTC086755	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED	Managing director	30/11/2002	12/03/1998	-	Active	NO
3	U51109WB2006PTC111706	SHAKTI DEALER PRIVATE LIMITED	Director	22/12/2008	22/12/2008	-	Active	NO
4	U52390WB2009PTC135235	ROUNAK EXIM PRIVATE LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO
5	U28113WB1976PLC030529	NEW HORIZONS LTD	Managing director	01/04/2013	26/12/2009	-	Active	NO
6	U51909WB2007PTC120725	SARVASHRESHTA TRADECOM PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO

Name :

Mr. Chandan Kumar Basu

Designation :

Director

Address :

588/1,Block N New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

31.05.1964

Date of Appointment :

31.03.2010

DIN No.:

00061193

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28113WB1976PLC030529	NEW HORIZONS LTD	Director	31/03/2010	01/06/2003	-	Active	NO
2	U70109WB2008PTC125221	PCN DEVELOPER PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Strike off	NO
3	U70109WB2008PTC125230	KBS DEVELOPER PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Strike off	NO
4	U45400WB2008PTC129945	CA REALTORS PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Strike off	NO

Name :

Mr. Rounak Kumar Naredi

Designation :

Director

Address :

P -33, CIT Road Scheme VIM, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

23.05.1990

Date of Appointment :

01.07.2013

DIN No.:

02213270

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U19116WB1998PTC086755	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED	Director	24/05/2008	24/05/2008	-	Active	NO
2	U52390WB2009PTC135235	ROUNAK EXIM PRIVATE LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO
3	U51109WB2006PTC111706	SHAKTI DEALER PRIVATE LIMITED	Director	11/01/2010	11/01/2010	-	Active	NO
4	U51909WB2007PTC120725	SARVASHRESHTA TRADECOM PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO
5	U28113WB1976PLC030529	NEW HORIZONS LTD	Whole-time director	01/07/2013	01/07/2013	-	Active	NO

Name :

Mr. Niraj Kumar Saraf

Designation :

Whole Time Director

Address :

Flat 7A 3C, Loudon Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

09.01.1959

Qualification :

B. Com, MBA

Date of Appointment :

01.04.2013

DIN No.:

00061231

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101WB1994PTC062406	ARCADE HOUSE AND PROPERTIES PVT LTD	Director	10/05/1994	10/05/1994	-	Active	NO
2	U51909WB1998PTC086671	ABHISHEK TRADES & SERVICES PRIVATE LIMITED	Director	13/12/1999	13/12/1999	12/11/2008	Active	NO
3	U74999WB2002PTC094885	BASIL HEIGHTS MAINTENANCE PRIVATE LIMITED	Director	01/06/2003	01/06/2003	-	Active	NO
4	U28113WB1976PLC030529	NEW HORIZONS LTD	Whole-time director	01/04/2013	01/06/2003	01/08/2013	Active	NO
5	U19129WB2006PTC109139	UNITED CREATIONS PVT LTD	Director	02/05/2006	02/05/2006	24/03/2014	Active	NO
6	U67120WB1996PTC081922	ANISHA ENTERPRISES PRIVATE LIMITED	Director	04/11/2006	04/11/2006	-	Active	NO
7	U70109WB2008PTC125230	KBS DEVELOPER PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Strike off	NO
8	U70109WB2008PTC125221	PCN DEVELOPER PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Strike off	NO
9	U45400WB2008PTC130918	NIVISA REALTORS PRIVATE LIMITED	Director	28/11/2008	28/11/2008	-	Strike off	NO
10	U70101WB1989PTC047898	FORTYONE SERVICES PVT. LTD.	Director	30/09/2011	18/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Datta
Designation :	Secretary
Address :	3, Bidhan Sarani, Kolkata – 700006, West Bengal, India
Date of Birth/Age :	01.10.1955
Date of Appointment :	01.06.1995
PAN No.:	ADLPD4446P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Gopal Kumar Naredi	300000	6.57
Industrial Safety Products Private Limited, India	2220597	48.65
Shakti Dealer Private Limited, India	761199	16.68
Usha Devi Naredi	222199	4.87
Getex Marketing Private Limited, India	300000	6.57
Sarvashresta Tradecom Private Limited, India	760799	16.67
Dipak Kumar Ghosh	4	0.00
Ajay Datta	02	0.00
Total	4564800	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	88.57
Directors or relatives of directors	11.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer, Exporter and Dealers Of Product and Goods Made Of All Kinds Of Leather, Hides, Skin, Rubber, Canvas, Resins, Carbon Black, Plastics, Latexes And Any Other Items And Formulations.
Products :	· RCC Concrete · RCC Manhole Cover · RCC Perforated Pipes · RCC Jacking Pipes

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Central Bank of India, Kolkata Main Branch, 33, Netaji subhas road, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Export Packing Credit from Central Bank of India	171.443	135.772
Cash Credit from Central Bank Of India	0.000	3.182
Total	171.443	138.954

Banking Relations :	--
Auditors :
Name :	Rustagi and Company Chartered Accountants
Address :	19, R. N. Mukherjee Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-2248-0823/0856
Fax No.:	91-2243-0746
PAN No.:	AAUFS1566M

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4564800	Equity Shares	Rs.10/- each	Rs. 45.648 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.648	45.648	45.648
(b) Reserves & Surplus	130.426	118.526	113.514
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	176.074	164.174	159.162
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.225	4.376	2.525
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.225	4.376	2.525
(4) Current Liabilities
(a) Short term borrowings	171.443	138.954	120.851
(b) Trade payables	79.238	91.325	85.615
(c) Other current liabilities	15.371	18.242	3.941
(d) Short-term provisions	0.000	2.653	2.653
Total Current Liabilities (4)	266.052	251.174	213.060
TOTAL	446.351	419.724	374.747
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.586	76.948	80.275
(ii) Intangible Assets	0.221	0.000	0.000
(iii) Capital work-in-progress	0.000	0.043	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.078	2.079	4.304
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	39.707	27.070	27.073
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	112.592	106.140	111.652
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	180.675	187.631	156.933
(c) Trade receivables	51.558	37.516	43.201
(d) Cash and cash equivalents	46.438	34.637	32.004
(e) Short-term loans and advances	23.688	12.623	12.514
(f) Other current assets	31.399	41.177	18.443
Total Current Assets	333.758	313.584	263.095
TOTAL	446.350	419.724	374.747

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	963.022	777.784	704.141
		Other Income	4.900	4.605	4.328
		TOTAL (A)	967.922	782.389	708.469
Less	EXPENSES
		Cost of Materials Consumed	656.147	496.737	472.449
		Purchases of Stock-in-Trade	72.489	84.603	99.496
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.111	(16.881)	(62.909)
		Employees benefits expense	41.233	50.418	21.872
		Other expenses	140.299	124.090	134.873
		TOTAL (B)	916.279	738.967	665.781
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.643	43.422	42.688
Less	FINANCIAL EXPENSES (D)		25.699	21.249	12.757
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.944	22.173	29.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.962	8.258	8.464
	PROFIT BEFORE TAX (E-F) (G)		17.982	13.915	21.467
Less	TAX (H)		6.082	6.251	7.128
	PROFIT AFTER TAX (G-H) (I)		11.900	7.664	14.339
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	858.332	675.377	620.080
	TOTAL EARNINGS		858.332	675.377	620.080
	IMPORTS
		Raw Materials	188.301	157.125	118.252
		Stores & Spares	0.000	0.000	0.889
		Capital Goods	0.000	2.877	8.456
		Others	17.926	12.170	3.912
	TOTAL IMPORTS		206.227	172.172	131.509
	Earnings Per Share (Rs.)		2.61	1.68	3.14

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.23	0.98	2.02
Net Profit Margin (PBT/Sales)	(%)	1.87	1.79	3.05
Return on Total Assets (PBT/Total Assets}	(%)	4.05	3.33	5.79
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.13
Debt Equity Ratio (Total Debt/Networth)		0.97	0.85	0.76
Current Ratio (Current Asset/Current Liability)		1.25	1.25	1.23

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	45.648	45.648	45.648
Reserves & Surplus	113.514	118.526	130.426
Net worth	159.162	164.174	176.074
long-term borrowings	0.000	0.000	0.000
Short term borrowings	120.851	138.954	171.443
Total borrowings	120.851	138.954	171.443
Debt/Equity ratio	0.759	0.846	0.974

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	704.141	777.784	963.022
		10.459	23.816

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	704.141	777.784	963.022
Profit	14.339	7.664	11.900
	2.04%	0.99%	1.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90250451	11/12/2013 *	392,000,000.00	CENTRAL BANK OF INDIA	KOLKATA MAIN BRANCH, 33, NETAJI SUBHAS ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B93165033

FIXED ASSETS:

· Land

· Building

· Industrial Plot

· Plant and Machinery

· Furniture’s and Fixtures

· Office Equipment

· Air Conditioner

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgment or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.94
UK Pound	1	Rs.102.78
Euro	1	Rs.81.39

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.